Gold Price in Pakistan Increases as International Prices Pick Up

The price of gold in Pakistan increased by over Rs. 1,000 per tola on Monday to settle at Rs. 214,300. According to data issued by the Karachi Sarafa Association, the price of gold (24 carats) rose by Rs. 1,100 per tola to Rs. 214,300 while the price of 10 grams increased by Rs. 943 to Rs. 183,728. Last week was the second consecutive week when the price of gold in the local market fell on a week-over-week basis. The decline in price during the last week stood at Rs. 1,100 per tola. Today’s increase in price was largely down to a rebound in international gold prices as gold prices rose to a near one-week high. Spot gold rose 0.4 percent to $2,021.09 per ounce as of 0335 GMT, while the US gold futures also increased by 0.4 percent to $2,032.40 per ounce.